NDP platform hikes taxes with no plan to balance the budget

Author: Franco Terrazzano 2021/08/12

OTTAWA, ON: The Canadian Taxpayers Federation is criticizing the New Democratic Party’s platform commitments, which would raise taxes and doesn’t have a plan to balance the budget.

“Even with all of these damaging tax hikes, the NDP still doesn’t have a plan to balance the budget,” said Franco Terrazzano, Federal Director with the CTF. “The NDP wants Canadians to think only the rich will pay higher taxes, but everyday Canadians will pay these taxes through higher prices and fewer jobs.”

Today the NDP released platform commitments which includes tax hikes such as:

Increasing the highest income tax rate to 35 per cent
Increasing the business tax rate to 18 per cent
Imposing a wealth tax
Increasing the capital gains tax burden
Imposing an excess profits tax
Imposing a 20 per cent foreign home-buyers tax
Imposing luxury taxes
Imposing taxes on so-called internet giants

The NDP commitment does not have a plan to balance the budget or pay down the $1-trillion federal debt. On the current trajectory, the federal budget won’t be balanced until 2070, according to the Parliamentary Budget Officer. If that happens, debt interest charges would cost Canadians about $3.8 trillion by 2070.

The platform document criticizes “corporate giveaways.” The CTF is calling on the NDP to end subsidies to hand-picked businesses.

“Politicians can help more Canadians by lowering taxes for everyone and cancelling corporate welfare,” said Terrazzano.

A Note for our Readers:

Is Canada Off Track?

Canada has problems. You see them at gas station. You see them at the grocery store. You see them on your taxes.

Is anyone listening to you to find out where you think Canada’s off track and what you think we could do to make things better?

You can tell us what you think by filling out the survey

Join now to get the Taxpayer newsletter

You deserve to know the real story about what happens to your tax dollars. We expose funny and infuriating stories about governments wasting money on stupid things. And we hold politicians accountable because taxpayers deserve transparency.

You can get the inside scoop right from my notebook each week so you can hold politicians accountable for hilarious and infuriating stories the media usually misses. You can sign up for the Taxpayer Update Newsletter now.
— Franco Terrazzano, Federal Director